(28 NOVEMBER 2017)DAILY MARKET BRIEF 2:Bitcoin: Ready for new highs.

(28 NOVEMBER 2017)DAILY MARKET BRIEF 2:Bitcoin: Ready for new highs.

28 November 2017, 12:53
Jiming Huang

Bitcoin despite being declared dead hundreds of times since its creation in 2009 has now almost reached 10’000 dollars. It represents definitely a lot of money but there are only going to 21 million bitcoins after all the Bitcoin will have been mined after 2020.

We believe the Bitcoin will continue to go up. There are less than a few hundred thousand millionaires in the world. This means that not everyone will own a Bitcoin.
On top of that Bitcoin is the entry door for accessing a lot of other crypto projects. Investing in ICO for example always requests to own Bitcoin and many exchanges do not allow fiat currencies but Bitcoin.

Last but not least it is true that Bitcoin allow people to store and transfer value. Almost anyone now can create its own blockchain but what really matters is the acceptance rate and Bitcoin acceptance rate is very strong and will keep growing.

Bitcoin will remain and we believe the price may reach very high levels in 2018. For example the Bitcoin market capitalization has recently exceeded the McDonald’s market capitalization with $165 billion versus $134 billion.

By Yann Quelenn

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